Credit Card Fraud Losses Top 700 Million

Fraud Continues to Haunt Online Retail

More than $700 million in online sales were lost to fraud in 2001, representing 1.14 percent of total annual online sales of $61.8 billion, according to GartnerG2.

A Gartner Internet survey of more than 1,000 adult U.S. online consumers conducted in January 2002, showed that 5.2 percent of respondents were victimized by credit card fraud in 2001 and 1.9 percent were victimized by identity theft (although respondents do not know whether the theft occurred online or offline).

Author: Dave Nielsen

I started using computers in 1978 on the Apple II and was first online (using my “high-speed” 1200 baud modem) in 1989. I’ve managed web sites for several Fortune 500 companies and for internet start-ups.
Working for one of those start-ups is what brought me into the world of credit. I was part of the the executive team that ran QSpace, the first company to offer credit reports over the internet.